Castle Biosciences (NASDAQ:CSTL) Upgraded by Zacks Research to Strong-Buy Rating

Castle Biosciences (NASDAQ:CSTL) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other analysts have also recently issued reports on CSTL. Wall Street Zen upgraded shares of Castle Biosciences from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Castle Biosciences in a research note on Wednesday, October 8th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $37.00 price target on shares of Castle Biosciences in a research report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Castle Biosciences has a consensus rating of “Moderate Buy” and an average price target of $36.57.

Castle Biosciences Price Performance

NASDAQ CSTL opened at $23.40 on Monday. The company has a quick ratio of 6.69, a current ratio of 6.85 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $678.83 million, a PE ratio of -66.86 and a beta of 1.13. The company has a 50 day moving average price of $22.46 and a two-hundred day moving average price of $19.81. Castle Biosciences has a 12-month low of $14.59 and a 12-month high of $35.84.

Castle Biosciences (NASDAQ:CSTL) last posted its earnings results on Monday, August 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.66. The firm had revenue of $86.18 million during the quarter, compared to analysts’ expectations of $71.53 million. Castle Biosciences had a negative net margin of 2.73% and a positive return on equity of 2.37%. Castle Biosciences has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Castle Biosciences will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Castle Biosciences

In other news, insider Derek J. Maetzold sold 1,339 shares of Castle Biosciences stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $21.97, for a total value of $29,417.83. Following the transaction, the insider owned 65,666 shares of the company’s stock, valued at $1,442,682.02. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Castle Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of CSTL. GAMMA Investing LLC increased its position in Castle Biosciences by 1,865.8% during the first quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $87,000 after acquiring an additional 4,142 shares during the period. Allspring Global Investments Holdings LLC increased its position in Castle Biosciences by 2,070.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 217,794 shares of the company’s stock worth $4,360,000 after acquiring an additional 207,761 shares during the period. First Bank & Trust increased its position in Castle Biosciences by 75.5% during the first quarter. First Bank & Trust now owns 15,136 shares of the company’s stock worth $303,000 after acquiring an additional 6,512 shares during the period. Teacher Retirement System of Texas increased its position in Castle Biosciences by 9.6% during the first quarter. Teacher Retirement System of Texas now owns 10,383 shares of the company’s stock worth $208,000 after acquiring an additional 908 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Castle Biosciences by 2.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,467,873 shares of the company’s stock valued at $29,387,000 after buying an additional 32,208 shares during the period. Institutional investors own 92.60% of the company’s stock.

About Castle Biosciences

Castle Biosciences, Inc, a molecular diagnostics company, provides testing solutions for the diagnosis and treatment of dermatologic cancers, Barrett's esophagus, uveal melanoma, and mental health conditions. It offers DecisionDx-Melanoma, a risk stratification gene expression profile (GEP) test to identify the risk of metastasis for patients diagnosed with invasive cutaneous melanoma; DecisionDx-SCC, a proprietary risk stratification GEP test for patients with cutaneous squamous cell carcinoma; MyPath Melanoma, a test used for patients with difficult-to-diagnose melanocytic lesions; and TissueCypher, a spatial omics test to predict future development of high-grade dysplasia and/or esophageal cancer in patients with non-dysplastic, indefinite dysplasia, or low-grade dysplasia Barrett's esophagus.